Introduction

From the 1970s to the 1990s, China implemented a wide array of industrial policies to build up indigenous big business groups, the so-called ‘national team’ of enterprise groups, to lead China’s catch-up campaign (Nolan 2001; Sutherland 2001). However, with its entry into the World Trade Organization (WTO), China is under huge pressure to pursue market-friendly policies proposed by advanced economies. The big business campaign has reached a critical stage of survival or ruin.